An AGM (annual general meeting) is a mandatory meeting held between a condo corporation and its owners/shareholders. According to the condominium act, at least 25% of owners need to attend their AGM, either physically or by proxy, to reach quorum. If quorum isn’t reached, AGMs are delayed until enough people can attend.
Sustainability is no longer a passing trend, companies are committing to green business practices at an increasing rate. The questions often asked when presented with the opportunity to be more sustainable is: “is it worth it?” The short answer – yes.
In multi-family residential complexes, interpersonal friction between owners and tenants isn’t uncommon. In 2019, people spent an average of 2.8 hours of their week in conflict with someone else. Whether they are minor disagreements, noise complaints, or neighborly spats, it’s important that property managers are able to minimize altercations as soon as possible by deescalating tensions.
One of the hard realities of property management is that sometimes you have to be the bearer of bad news. It’s important that property managers maintain a positive relationship with their tenants so, delivering negative news can be intimidating. No one ever wants to be in the position of telling tenants about rent increases, large maintenance projects, or repair issues. Ideally, property managers will rarely have to deliver this kind of news, but when they do, it’s important to be tactful and honest.
The importance of meticulously managed parking lots can’t be overlooked. In many large cities across North America there is a demand for parking that isn’t easily being met which can lead to tensions with first come first serve parking systems. In properties like condos, that have central parking garages, it’s beneficial to take precautions to avoid potential incidents as much as possible by creating a strategical parking system.
According to researcher, Osmo Wiio, “if communication can fail, it will fail.” Being prepared for potential miscommunications is the best way to ensure successful interactions. Property managers need to be able to communicate clearly to efficiently manage their community. They must also do their best to understand what owners, tenants, and residents need.
An HOA board of directors is the governing body of a residential community. The purpose of an HOA board is to make and oversee decisions regarding community assets and regulations. Most HOA boards are non-profit organizations where each board member serves based on trust. Fiduciary duty requires board members to uphold that trust by acting in the best interest of the community.
Covenants, Conditions, & Restrictions (CC&Rs) are a set of rules HOAs use to define what a homeowner can or cannot do. CC&Rs are implemented to maintain a fair standard of living across a community through conformity. 76% of people say that CC&Rs protect and enhance property value. HOAs can enforce CC&Rs by penalizing homeowners in violation using fines, forced compliance, liens, and lawsuits.
Texting may seem too casual for businesses to engage in but sending alerts to owners and tenants via text message can be more effective than any other form of digital communication. As long as contacts aren’t being overwhelmed by the volume of texts being sent and property managers have explicit consent to contact owners on their cell phones, text messaging can be very beneficial.
The on-demand economy has been on the rise for over a decade, growing with the popularity of Uber and Airbnb. Since 2008, it has brought in billions of dollars from consumers who want instant access to services. Over 42% of Americans have used on-demand services, a number that research suggests won’t be slowing down anytime soon.